Press Release: Statement by an IMF Mission to Jamaica

Mr. Trevor Alleyne, chief of the Caribbean division of the International Monetary Fund (IMF) and head of the mission to Jamaica, issued the following statement today in Kingston:

“An IMF team visited Kingston during October 27–November 6 to continue discussions toward a Stand-By Arrangment with the Fund. The team met with Prime Minister Bruce Golding, Minister of Finance Audley Shaw, and senior officials at the Ministery of Finance and the Bank of Jamaica, including Dr. Wesley Hughes, Financial Secretary, and Mrs. Audrey Anderson, Acting Governor of the Bank of Jamaica.

“The IMF appreciates the significant challenges faced by Jamaica and is working closely with the authorities in support of their efforts to formulate a plan to overcome these challenges. The focus of the discussions has been on the appropriate set of policy measures for both the short and medium term that would credibly address the key macroeconomic imbalances and thus help set the stage for robust economic growth.

“In particular, this has meant a focus on how to reduce the large fiscal deficit and put the debt on a clear downward path. In this regard, marked progress has been made during this mission. We will continue to be in close contact and discussions are expected to continue at Fund Headquarters in Washington, D.C. next week.”